Cancelled property transaction- brokerage payable and other question
akash
(Querist) 09 April 2012
This query is : Open
Hello Experts,
I entered into an unregistered agreement to sell with a buyer. Due to a dispute, I wasn't able to fulfill my obligation and was ready to refund double the advance, as is the norm, but the buyer refused to accept. After the expiry of the agreement period, I sold the flat to a distant relative for 30% less than the agreement value from the first agreement.
Its been an year since then. The original buyer is threatening to file a complaint to the IT department and the registrar saying that I undervalued to the property which amounts to evading stamp duty. He says he wants 3 times the advance money instead of double (which was written in the agreement).
1. Is it not my prerogative to sell the property at whatever rate I choose, as long as its above the notified circle rate (which is the case here)?
2. The original buyer is not ready to accept double the advance payment, and has lodged a police complaint. The consideration value of the property is over 1 crore. The advance was Rs 9 lacs. If a case is lodged, shouldn't it be filed in HC and be civil in nature? The police is saying it would be a criminal case in a lower court. I have already given in writing to the police station that I have always been ready to refund the money. Can the other party still lodge a cheating case saying I am not paying the money (just to harass me), when in reality they are not accepting the amount to extort more money from me?
3. The property dealer is also asking for 4 times the brokerage, even though the transaction did not go through. Its worth mentioning that the unregistered agreement on a plain paper did not mention any brokerage rate. Is ANY brokerage payable at all?
Thanks You All
